Indian Steel Exports Grow 16.7% In 2017-18

Exports of finished steel products from the country increased by 16.7% to 9.62 million tonnes in 2017-18, including 8.73 million tonnes of unalloyed steels and 0.89 million tonnes of alloy /stainless steels.

India exported 8.25 million tonnes of finished steel, including 7.59 million tonnes of unalloyed steels and 0.66 million tonnes of alloy /stainless steels in 2016-17.

The country's total steel production increased to 103.13 million tonnes in 2017-18. From 88.98 million tons in 2014-15

The government has taken various measures to help the domestic industry.

These include:
• increase in customs duties on steel in two stages - in June 2015 and August 2015 - by 2.5% each;
• Minimum Import Price (MIP) imposed on specified steel products in February 2016. The MIP expired in February 2017;
• 20% protective duties were imposed on hot rolled coils, tentatively in September 2015 and finally in August 2016;
• a protective duty was introduced for hot-rolled steel (not in coils), tentatively in August and finally in November 2016;
• In March 2014, anti-dumping duties were introduced on hot-rolled products, which are valid until 2020.

The government has also issued quality control orders, namely Steel and Steel Products (Quality Control) for 2018, covering 47 carbon /alloy steel products and 6 stainless steel products. The quality control procedure prohibits the production /import of substandard and defective products.

India was not greatly affected by the tariff imposed by the United States, as India's exports to the United States were only about 2.2 percent before the tariff was introduced.